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Ingredion Incorporated : INGREDION INCORPORATED REPORTS STRONG FOURTH QUARTER AND 2012 RESULTS

Ingredion Incorporated : INGREDION INCORPORATED REPORTS STRONG FOURTH QUARTER
                               AND 2012 RESULTS

  oFourth quarter 2012 reported EPS rose 16 percent to $1.42 from $1.22 in
    the fourth quarter 2011
  oFourth quarter 2012 adjusted EPS increased 32 percent to $1.47 from $1.11
    in 2011
  o2012 reported EPS increased 3 percent to $5.47 compared to $5.32 in 2011
  o2012 adjusted EPS rose 19 percent to $5.57 from $4.68 a year ago
  oCash flow from operations up $432 million to $732 million in 2012 from
    $300 million in 2011

WESTCHESTER, Ill., February 7, 2013 - Ingredion Incorporated (NYSE: INGR), a
leading global provider of ingredient solutions to diversified industries,
today reported results for the fourth quarter 2012.

"We delivered a strong fourth quarter and full year in spite of ongoing
macroeconomic volatility," said Ilene Gordon, chairman, president and chief
executive officer. "Underlying this performance, we saw price increases to
cover higher raw material costs and foreign exchange headwinds, volume
improvement, and operating efficiencies. We continue to see the strength of
our business model, even in challenging times. Our ability to manage risk
while capitalizing on growth markets and trends provides us with an attractive
position.

Looking ahead, 2013 poses its own unique challenges; however, we believe that
we are positioned to show further growth as we execute our strategic
blueprint. We continue to demonstrate the ability to realize appropriate
pricing to cover higher input cost while our growth opportunities in emerging
markets and mix improvement strategy remain intact," Gordon added.

Earnings Per Share (EPS)
Fourth quarter diluted EPS rose 16 percent to $1.42 compared to $1.22 last
year. The fourth quarter of 2012 included $0.11 of restructuring and
impairment charges partially offset by a $0.04 gain from a benefit plan change
and a $0.02 gain from the sale of land. The fourth quarter of 2011 included a
$0.23 gain from a change in a post-retirement plan partially offset by $0.09
of business integration costs and $0.03 of restructuring charges. Excluding
these items, adjusted EPS increased 32 percent from $1.11 to $1.47 in the
quarter. The estimated drivers of the increase in the fourth quarter adjusted
EPS were $0.30 from margin, $0.06 from higher volumes, and $0.01 from other
income, more than offsetting unfavorable currency devaluations of $0.06.
Non-operational items contributed $0.05. Lower net financing costs
contributed $0.04 while a lower tax rate provided a $0.02 benefit, partially
offset by an increase in share count which resulted in a negative impact of
$0.01.

Full year 2012 diluted EPS rose 3 percent to $5.47 compared to $5.32 last
year. 2012 included a $0.16 per share benefit from the discrete release of
the Korean deferred tax valuation allowance, a $0.04 gain from a benefit plan
change and a $0.02 gain from the sale of land that were offset by $0.29 of
restructuring and impairment charges, and $0.03 of business integration
costs. 2011 included a $0.75 gain from a NAFTA settlement with the government
of Mexico and a $0.23 gain from a change in post-retirement plan, partially
offset by $0.26 of business integration costs and $0.08 of restructuring
charges. Excluding these items, adjusted EPS increased 19 percent from $4.68
to $5.57 in 2012.

Financial Highlights

  oDuring the fourth quarter of 2012, net financing costs were $15 million
    versus $19 million in the year-ago period. The decrease primarily
    reflects lower interest expense attributable to reduced borrowings, lower
    interest rates and an increase in interest income driven by higher cash
    positions.
  oThe fourth quarter effective tax rate was 33.7 percent compared to 34.2
    percent in the year-ago period. The effective tax rate for the full year
    was 27.8 percent compared to 28.7 percent in 2011.
  oAt December 31, 2012, total debt and cash and cash equivalents were $1.80
    billion and $609 million, respectively, versus $1.95 billion and $401
    million, respectively, at December 31, 2011.
  oIn 2012, cash flow from operations was $732 million compared to $300
    million in the prior year, primarily driven by an improvement in working
    capital.
  oCapital expenditures, net of disposals, were $304 million in 2012 compared
    to $260 million in 2011.

Business Review
Total Ingredion

$ in millions    2011 Net    FX Impact Volume Price/mix   2012 Net    % change
                   sales                                    sales
Fourth quarter     1,548        -33      32      97         1,644       +6%
Full year          6,219       -200     136      377        6,532       +5%

North America

$ in millions    2011 Net    FX Impact Volume Price/mix   2012 Net    % change
                   sales                                    sales
Fourth quarter      834          4       21      64          923        +11%
Full year          3,356        -6      142      249        3,741       +11%

Fourth quarter

  oVolumes up due to strong sales to the soft drink and brewing industries.
  oStrong price/mix included sufficient price increases to cover higher input
    costs.
  oOperating income was up 46 percent, or $34 million, from $74 million to
    $108 million.

Full year 2012

  oVolumes rose due to strong sales to the soft drink and brewing industries.
  oStrong price/mix included sufficient price increases to cover higher input
    costs.
  oOperating income rose 27 percent from $322 million to $408 million.

South America

$ in millions    2011 Net    FX Impact Volume Price/mix   2012 Net    % change
                   sales                                    sales
Fourth quarter      400         -34      -7      24          383        -4%
Full year          1,569       -150     -41      84         1,462       -7%

Fourth quarter

  oVolumes soft due to continuing weaker economic activity.
  oOperating income in the quarter was $59 million, up 1 percent from $58
    million. Favorable price/mix, cost efficiencies and lower corn costs
    partially offset the impact of lower volume and foreign currency
    devaluations.



Full year 2012

  oVolumes soft due to weaker economic activity in the region.
  oOperating income was $198 million, down 2 percent from $203 million in the
    year-ago period. Favorable price/mix and lower corn costs partially
    offset the impact of foreign exchange and lower volumes.

Asia Pacific

$ in millions    2011 Net    FX Impact Volume Price/mix   2012 Net    % change
                   sales                                    sales
Fourth quarter      186          4       11       2          203        +9%
Full year           764         -10      41      21          816        +7%

Fourth quarter

  oStrong volume growth driven by increases in food and beverage volumes.
  oOperating income increased 31 percent from $18 million to $23 million as a
    result of higher volumes, favorable price/mix, lower raw material costs
    and operating efficiencies.

Full year 2012

  oSales growth was driven by strong volumes in Thailand and South Korea.
  oOperating income rose 20 percent from $79 million to $95 million. 

Europe, Middle East, Africa (EMEA)

$ in millions    2011 Net    FX Impact Volume Price/mix   2012 Net    % change
                   sales                                    sales
Fourth quarter      127         -7       8        7          135        +6%
Full year           530         -34      -6      23          513        -3%

Fourth quarter

  oSales rose by $8 million due to volume growth and price/mix improvement
    partially offset by currency devaluations.
  oOperating income increased 14 percent in the quarter from $19 million to
    $21 million mainly due to volume growth and price/mix improvement.

Full year 2012

  oSales fell by $17 million mainly due to currency devaluations and a slight
    volume decline partially offset by favorable price/mix.
  oOperating income fell 6 percent from $84 million to $78 million due
    primarily to unfavorable foreign currency translation.

2013 Guidance
EPS expectations for 2013 are in a range of $5.60 to $6.00. 

The effective tax rate for 2013 is estimated to be approximately 28-30
percent.

Capital expenditures in 2013 are anticipated to be in the range of $350-400
million and should support growth and cost reduction investments across the
organization.

Conference Call and Webcast
Ingredion will conduct a conference call today at 9:00 a.m. Eastern Time (8:00
a.m. Central Time) to be hosted by Ilene Gordon, chairman, president and chief
executive officer, and Cheryl Beebe, chief financial officer.

The call will be broadcast in a real-time webcast. The broadcast will consist
of the call and a visual presentation accessible through the Ingredion web
site at www.ingredion.com. The presentation will be available to download
approximately 60 minutes prior to the start of the call. A replay of the
webcast will be available at www.ingredion.com.

ABOUT THE COMPANY
Ingredion Incorporated (NYSE:INGR) is a leading global ingredients solutions
provider specializing in nature-based sweeteners, starches and nutrition
ingredients. With customers in more than 40 countries, Ingredion, formerly
Corn Products International, serves approximately 60 diverse sectors in food,
beverage, brewing, pharmaceuticals and other industries. For more information,
visit ingredion.com.

Forward-Looking Statements
This news release contains or may contain forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. The Company
intends these forward-looking statements to be covered by the safe harbor
provisions for such statements.

Forward-looking statements include, among other things, any statements
regarding the Company's prospects or future financial condition, earnings,
revenues, tax rates, capital expenditures, expenses or other financial items,
any statements concerning the Company's prospects or future operations,
including management's plans or strategies and objectives therefor and any
assumptions, expectations or beliefs underlying the foregoing.

These statements can sometimes be identified by the use of forward looking
words such as "may," "will," "should," "anticipate," "believe," "plan,"
"project," "estimate," "expect," "intend," "continue," "pro forma," "forecast"
or other similar expressions or the negative thereof. All statements other
than statements of historical facts in this release or referred to in this
release are "forward-looking statements."

These statements are based on current expectations, but are subject to certain
inherent risks and uncertainties, many of which are difficult to predict and
are beyond our control. Although we believe our expectations reflected in
these forward-looking statements are based on reasonable assumptions,
stockholders are cautioned that no assurance can be given that our
expectations will prove correct.

Actual results and developments may differ materially from the expectations
expressed in or implied by these statements, based on various factors,
including the effects of global economic conditions, including, particularly,
continuation or worsening of the current economic conditions in Europe, and
their impact on our sales volumes and pricing of our products, our ability to
collect our receivables from customers and our ability to raise funds at
reasonable rates; fluctuations in worldwide markets for corn and other
commodities, and the associated risks of hedging against such fluctuations;
fluctuations in the markets and prices for our co-products, particularly corn
oil; fluctuations in aggregate industry supply and market demand; the behavior
of financial markets, including foreign currency fluctuations and fluctuations
in interest and exchange rates; continued volatility and turmoil in the
capital markets; the commercial and consumer credit environment; general
political, economic, business, market and weather conditions in the various
geographic regions and countries in which we buy our raw materials or
manufacture or sell our products; future financial performance of major
industries which we serve, including, without limitation, the food and
beverage, pharmaceuticals, paper, corrugated, textile and brewing industries;
energy costs and availability, freight and shipping costs, and changes in
regulatory controls regarding quotas, tariffs, duties, taxes and income tax
rates; operating difficulties; availability of raw materials, including
tapioca and the specific varieties of corn upon which our products are based;
energy issues in Pakistan; boiler reliability; our ability to effectively
integrate and operate acquired businesses; our ability to achieve budgets and
to realize expected synergies; our ability to complete planned maintenance and
investment projects successfully and on budget; labor disputes; genetic and
biotechnology issues; changing consumption preferences including those
relating to high fructose corn syrup; increased competitive and/or customer
pressure in the corn-refining industry; and the outbreak or continuation of
serious communicable disease or hostilities including acts of terrorism.

Our forward-looking statements speak only as of the date on which they are
made and we do not undertake any obligation to update any forward-looking
statement to reflect events or circumstances after the date of the statement
as a result of new information or future events or developments. If we do
update or correct one or more of these statements, investors and others should
not conclude that we will make additional updates or corrections. For a
further description of these and other risks, see "Risk Factors" included in
our Annual Report on Form 10-K for the year ended December 31, 2011 and
subsequent reports on Forms 10-Q and 8-K.

CONTACT:

Investors: Aaron Hoffman, 708-551-2592

Media: Claire Regan, 708-551-2602


4Q 2012 PR Tables

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Source: Ingredion Incorporated via Thomson Reuters ONE
HUG#1676237